Medigene AG

For the first half of 2024, revenue was €4.5 million, up 45% from €3.1 million in the first half of 2023. SG&A expenses fell 5% to €4.1 million from €4.3 million, while R&D expenses rose 21% to €6.3 million from €5.2 million. Net loss improved to €6.7 million from €7.0 million, and EBITDA improved 10% to a loss of €6.0 million from a loss of €6.6 million. Cash and cash equivalents were €14.0 million at June 30, 2024, versus €16.7 million including time deposits at December 31, 2023. Full-year 2024 revenue guidance remains €9 million to €11 million, and R&D expense guidance was raised to €11.5 million to €13.5 million from €11.0 million to €13.0 million. The company said the cash runway is now extended into July 2025, versus prior guidance of April 2025.

Selwyn Ho emphasized that Medigene is sharpening its focus on highly differentiated, TCR-guided therapies for solid tumors, with the End-to-End Platform and 3S TCRs at the center of the strategy. He pointed to progress in platform expansion, patents, and partnerships, and said the company has redirected resources toward the most value-generating programs, especially MDG1015 and the KRAS portfolio. His tone was upbeat and validating, repeatedly framing the first half as a period of scientific and corporate execution.

The financial commentary centered on modest top-line growth, controlled overhead, and higher investment in development. Revenue of €4.5 million benefited from the reversal of the remaining contractual liability to Hongsheng Sciences, SG&A declined to €4.1 million due mainly to lower personnel expenses, and R&D rose to €6.3 million as Medigene advanced MDG1015, MDG2011 and MDG2021. Management said the May capital raise brought gross proceeds of approximately €5.9 million and extended the cash runway into July 2025, and it lifted 2024 R&D guidance to €11.5 million to €13.5 million while keeping revenue guidance at €9 million to €11 million.

Analysts focused on the new WuXi Biologics partnership, asking what the collaboration will look like over the next three years and whether any deal terms could be disclosed. Management said the agreement is a potential multi-target collaboration combining Medigene TCRs with WuXi’s CD3/WuXiBody construct, with first lead selection targeted over the next 15 to 16 months and possible progression into IND-enabling work and clinic thereafter; no detailed economics were disclosed. Another question asked how current management differs from prior leadership and what cost savings are being implemented; Ho said the team has been broadened with biotech, pharma, clinical, financing and commercialization expertise, and that costs are being controlled by prioritizing programs, halting/postponing lower-value work, and reducing personnel costs. On milestones, management said it expects partner milestones in 2024 and 2025, but did not attribute them to a specific partner or amount beyond noting guidance includes milestone revenue.